[Featured Stock] Kakao Rises on Outlook as "Biggest Beneficiary of Bitcoin"

[Asia Economy Reporter Ji Yeon-jin] Kakao is showing an upward trend in early trading on the 17th as it is considered the biggest beneficiary of the Bitcoin craze.

As of 9:20 AM on the same day, Kakao was trading at 488,500 KRW, up 1.98% compared to the previous day.

On the same day, Mirae Asset Daewoo evaluated Kakao as the biggest beneficiary of the Bitcoin craze and raised its target price from 570,000 KRW to 590,000 KRW.

Upbit, the largest cryptocurrency exchange in Korea, has recently recorded traffic and transaction volumes exceeding those of the fourth quarter of 2017. Kakao directly and indirectly holds about 23% of the shares of Dunamu, which operates Upbit.

Kim Chang-kwon, a researcher at Mirae Asset Daewoo, analyzed, "Since the fourth quarter of 2017, the equity method profit reflected from Dunamu to Kakao has been around 29 billion KRW," and added, "If the cryptocurrency craze is maintained at the current level, it is expected that the equity method profit alone will contribute more than 100 billion KRW this year."

This content was produced with the assistance of AI translation services.